DFS: No Need to Send Producer COVID-19 Notices Through U.S. Mail
Following a request from Big I New York, the New York State Department of Financial Services today said that insurance producers are not required to use U.S. Mail to send policyholder notices about a current moratorium on policy terminations. On March 30, the department published a new insurance regulation 216 and a new section to the state banking regulations, in response to an executive order issued by Gov. Andrew Cuomo the day before. Those regulations: Implemented a 60-day moratorium on policy cancellations, non-renewals, and conditional renewals Required insurers and premium finance companies to offer alternative premium payment arrangements to policyholders suffering from the COVID-19 pandemic…